Demand for Single-Family Homes in the GTA Softens

No corner of the Greater Toronto Area’s housing market has been strong this year, but single-family homes were holding up better — until recently.

By Josh Sherman | 4 minute read

At the end of each month, digital real estate platform Wahi compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory.

Buyer’s market conditions were widespread across the Greater Toronto Area in August — even for single-family homes, which have typically been more in-demand.

So suggests the latest monthly analysis from digital real estate platform Wahi.

This August, 2% of the 267 neighbourhoods in which at least five home sales took place were in overbidding territory, a decrease from 3% of the 297 neighbourhoods that met the minimum sales threshold in July. Some 97% of neighbourhoods were underbid, while an additional 1% saw homes selling at asking.

These findings are based on comprehensive analysis by Wahi of list and sold prices for all homes that transacted on the resale market last month, including condos and single-family properties. 

For much of the GTA’s post-pandemic housing correction, single-family homes have attracted significantly more bidding activity even amid the downturn. That began to change in Q2 of this year.

The gap in demand for single-family homes and condos has been steadily narrowing since April, reaching its smallest margin last month. In August, 95% of neighbourhoods with at least five single-family home sales were underbid, compared to 98% of neighbourhoods where five or more condos changed hands.

“August is typically one of the quietest months in GTA real estate, and this has been especially true in recent years,” says Wahi Economist Ryan McLaughlin. “The upshot is homebuyers have less competition, and single-family homes are no longer the exception,” he continues. 

8-out-of-10 GTA Homes Sold for Below Asking in July

The overall share of homes selling for under the asking price also increased last month. Some 79% of the 4,199 homes of all types that changed hands last month sold for less than the listed price. That’s up from 78% in July and unchanged from a year ago.

Once again the level of below-asking sales was elevated, suggesting a buyer’s market. However, it has remained consistent throughout the first half of the year after peaking in January (82%).

The Only 5 Neighbourhoods in Overbidding Territory in August 2026  

Each month, Wahi highlights the top five GTA overbidding neighbourhoods. These communities are ranked by the median overbid amount (see methodology below). However, in August, there were only five neighbourhoods in overbidding territory. These neighbourhoods represented a mix of both urban and suburban areas. 

Note that a variety of factors can influence bidding trends, from seasonality to selling strategies. For instance, in some cases, REALTORS® may be more likely to price a home below market value in hopes of attracting multiple offers.

For the fourth straight month, Eastlake, in Oakville, surpassed all other GTA neighbourhoods for underbidding in August. Since Wahi began tracking bidding activity in 2022, Eastlake has been one of the most consistently underbid neighbourhoods in the entire region.

The region’s upscale price point plays a role. The top underbidding neighbourhoods are ranked by the median underbid amount, so more expensive neighbourhoods should generally rank higher. For instance, two neighbourhoods could both be underbid by 10%, but the one with higher home prices will have a larger underbid amount and, consequently, rank higher.

The composition of homes in Eastlake also influences the results. The area has a higher-than-usual concentration of newer custom homes. It can be tough to determine realistic pricing for these properties as there are fewer direct comparables.  

Methodology: How Wahi Ranks Overbidding and Underbidding Neighbourhoods

At the end of each month, Wahi compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions in a given month. A total of 267 neighbourhoods out of the GTA’s approximately 400 met this threshold in August, down from 297 in July. Data is sourced from Information Technology Systems Ontario (ITSO) and the Toronto Regional Real Estate Board (TRREB).

The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. The median overbid and underbid amounts are calculated by subtracting the list price from the sold price of each individual listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount. For the latest data on overbidding and underbidding at any point in the month, Wahi’s Market Pulse tool provides readings based on the past 30 days of transactions.